13 Questions for JPMorgan’s Jonathan Ingram

Describe
Your
Investment
Strategy

Our
bottom
up
strategy
relies
on
understanding
the
relative
benefits
of,
and
then
utilising,
the
very
best
insights
from
both
fundamental
and
quantitative
perspectives.
I
have
always
struggled
with
the
market
view
that
managers
are
either
fundamental
or
quantitative.
Fortunately
we
sit
within
J.P.
Morgan
Asset
Management
who
have
world
class
teams
in
both
disciplines,
and
so
understanding
how
and
when
to
combine
those
inputs
is
really
what
has
defined
the
strategies
we
have
run
over
the
last
20
years
or
so.

What
are
the
Biggest
Investment
Opportunities
in
2024?

Small
cap
stocks
around
the
world
are
trading
at
discounts
to
large
cap
stocks
that
have
rarely
been
seen
before.
Taking
European
data,
the
level
of
discounts
that
small
cap
stocks
trade
at
are
levels
last
seen
in
2003
and
then
2009
which,
with
hindsight,
were
two
particularly
good
times
to
invest
into
the
asset
class.

What
are
the
Biggest
Risks
to
the
Current
Bull
Market?

Geopolitical
instability
is
currently
at
the
front
of
a
lot
of
people’s
minds,
and
it
looks
plausible
that
this
could
become
more
challenging
before
we
begin
to
see
things
improve.
Outside
of
this,
interest
rates,
that
stay
high
for
a
long
time,
will
likely
cause
some
sort
of
economic
slowdown.

Who
is
the
Most
Inspiring
Person
You’ve
Worked
With
and
Why?

In
2003,
I
was
working
within
the
currency
team
at
J.P.
Morgan
Asset
Management
and
attended
an
internal
presentation
by
the
CIO
of
European
equities,
Chris
Complin.
Pretty
much
there
and
then,
I
applied
to
join
his
team
and
have
been
here
ever
since.
What
inspired
me
most
was
his
willingness
to
challenge
every
single
aspect
of
a
traditional
fund
management
set-up
in
search
of
outperformance,
not
being
afraid
to
borrow
ideas
from
academia
or
other
industries,
from
behavioural
finance
to
game
theory.

What,
if
Any,
Investments
Would
Fit
Into
the
‘Buy
and
Hold
Forever’
Category?

Having
a
robust
sell
discipline
is
just
as
important
as
effective
idea
generation
of
buy
ideas.
The
success
of
any
investment
is
ultimately
a
function
solely
of
those
two
factors
–
the
price
you
paid
and
the
price
you
sold
at.
We
believe
that
you
should
put
as
much
focus
on
when
to
sell
as
was
put
on
the
initial
buy
decision.
Hence
“buy
and
hold
forever”
isn’t
a
category
for
us.

What
Would
You
Never
Invest
in? 

We
would
never
invest
in
a
business
we
did
not
understand.

How
Worried
Should
Active
Managers
Be
About
the
Future?

There
are
very
few
industries
where
the
judgement
of
success
is
as
clear
cut
as
it
is
in
fund
management.
With
that
clarity,
inevitably
comes
pressure.
As
we
further
progress
into
a
world
of
more
and
more
data,
the
scrutiny
on
underperforming
managers
will
only
increase.

What
Unpopular
Investment
Opinions
Do
You
Have?

I
have
always
taken
a
data
rational
approach
to
fund
management,
basing
our
investment
style
and
approach
off
beliefs
that
have
been
empirically
proven.
One
unpopular
opinion
this
produces
is
that
I
do
not
subscribe
to
the
school
of
thought
that
low
turnover
is
always
better
than
higher
turnover.
Turnover
comes
with
a
cost
of
course
but,
if
you
factor
that
cost
in
and
still
believe
the
investment
decision
to
be
a
good
one,
you
should
make
that
decision
regardless
of
whether
it
is
your
first
decision
that
day
or
that
year.

Has
Crypto’s
Resilience
Surprised
You?
And
Will
We
See
a
Crypto
ETF
in
the
UK?

As
the
volume
of
cash
transactions
falls,
it
shouldn’t
come
as
a
surprise
that
something
else
has
appeared
to
fill
that
void
of
exchanging
value
outside
of
the
commercial
banking
system.

Does
Asset
Management
Have
a
Role
in
Promoting
Social
Mobility?

The
role
of
an
investment
team
is
to
analyse
an
incredibly
wide
range
of
companies,
that
serve
an
even
more
diverse
range
of
end-customers,
and
that
job
ultimately
becomes
harder
if
you
don’t
have
diversity
of
thought
within
investment
teams.
So
social
mobility
is
in
our
own
interests
to
promote. 

Have
you
Ever
Engaged
With
a
Company
and
Been
Particularly
Pleased
(or
Disappointed)
by
the
Outcome?

An
example
that
comes
to
mind
in
the
“pleased”
category
was
engaging
directly
with
a
very
high
profile
CEO
over
(his
own)
executive
compensation.
We
felt
interests
were
suitably
aligned
only
if
certain
stretch
targets
were
hit.
The
targets
we
suggested
on
the
face
of
it
were
hugely
ahead
of
the
market
expectations
for
that
year
but
were
ultimately
the
exact
ones
the
company
decided
upon.

What’s
the
Best
Bit
of
Advice
You’ve
Ever
Been
Given,
Personal
and
Professional?

Never
confuse
your
own
brilliance
for
the
seat
you
sit
in.
I
should
elaborate
this
advice
was
given
to
a
large
roomful
of
people,
not
directly
to
me!
But
as
I
alluded
to
in
the
first
question,
my
team
and
I
are
surrounded
by
world
class
people
and
it
is
important
to
never
lose
sight
of
that.

What
Does
Your
Life
Outside
of
Fund
Management
Look
Like?

We
are
a
family
of
five
and
so
weekends
can
feel
like
being
an
Uber
driver
sometimes!
We
all
love
to
cook
and
so
there’s
plenty
of
time
in
the
kitchen
also.
In
between,
I
like
to
take
whichever
child
I
can
persuade
to
come
to
watch
my
team
Fulham
play.

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